Dublin, Feb. 24, 2020 (GLOBE NEWSWIRE) -- The "Nitrogen Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global nitrogen market was worth $26.1 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10% and reach $38.372 billion by 2023.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider nitrogen market, and compares it with other markets.
The growing food and beverages industry contribute to the growth of the nitrogen market. Nitrogen gas is widely used in food and beverages industry for packaging of food items. Nitrogen gas eliminates the oxygen contact with the food item, preventing the oxidation of food thus, increasing its shelf life. This prevents food spoilage and helps in maintaining its quality. According to a Statista report, the food and beverage industry is expected to grow at the rate of 8.4%.The growth of food and beverages industry results in significant increase in the demand for Nitrogen. Thus, positively affecting the growth of the nitrogen market.
Lack of safety measures used while handling nitrogen in industries such as aerospace, steel manufacturing etc. limits the growth of the industrial nitrogen market. Liquid nitrogen is used in industries such as oil and gas industries, metalworking, electronics, food processing and many manufacturing processes. Excess contact with liquid nitrogen can cause severe cold burns as well as frostbite. Further, any leak in nitrogen containers if kept in poorly ventilated room can cause severe damage to life and property. In December 2019, a liquid nitrogen line exploded at a Textron Aviation plant near Wichita, Kansas. The explosion in a 3-inch liquid nitrogen gas line also damaged a storage tank, causing nitrogen gas to vent out of the building. The incident resulted in serious injuries to 15 people accompanied by the loss of property. The difficulty in handling nitrogen gas restraints its usage, thus, negatively affecting the demand in oxygen market.
Industrial gas companies are increasingly using pressure swing adsorption (PSA) technology as a cost-effective and highly efficient method to produce nitrogen. PSA systems operate on the principle of adsorption. They consist of adsorption vessels packed with carbon molecular sieves (CMS) which are capable of adsorbing carbon dioxide and residual moisture. At high pressures, CMS selectively adsorbs oxygen, thus allowing nitrogen to pass through at the desired purity level. Onsite generation of nitrogen using PSA systems is more cost-effective than traditional cryogenic distillation or stored liquid nitrogen. PSAs can economically produce nitrogen at flow rates from less than 5,000 scfh to greater than 60,000 scfh, and at purities from 95% to 99.9995%. Mahler AGS, a German manufacturer of on-site gas generation plants, is using PSA systems for low-cost production of nitrogen. Major industrial gas companies such as Linde, Air Products, Air Liquide, and Praxair are using PSA systems to enhance nitrogen production.
In October 2018, The Linde Group and Praxair, Inc. merged to create a combined entity with a market capitalization of $90 billion. As part of the agreement, Praxair shareholders will receive one share of Linde plc for each Praxair share. Linde AG shareholders will receive 1.54 shares of Linde plc for each Linde AG share tendered. This merger is expected to further consolidate the nitrogen market by creating a global leader in terms of both sales and geographic footprint. Praxair has a strong presence in Eastern Europe and the Middle East, whereas Linde has a strong presence in Europe and Asia. The merged company is expected to be a leader in each of these four regions, thus leaving only three companies to compete in the industrial gas market on a global basis. Linde AG is a Brazil-based producer and supplier of industrial, process and specialty gases. Paxair is a US-based atmospheric, process, and specialty gases, and surface coatings producer.
The nitrogen market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2019, Asia Pacific accounts for around 40% of the market. In 2019, Asia Pacific was the largest region in the nitrogen market and is forecasted to register the highest CAGR during 2019-2023. Major players in the market are Air Liquide, Linde Group, Praxair Inc., Air Products and Chemicals, Messer Group, Southern Industrial Gas Berhad, Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, nexAir.
Key Topics Covered
1. Executive Summary
2. Nitrogen Market Characteristics
3. Nitrogen Market Size And Growth
3.1. Global Nitrogen Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Nitrogen Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Nitrogen Market Segmentation
4.1. Global Nitrogen Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Compressed Gas
- Liquid Nitrogen
4.2. Global Nitrogen Market, Segmentation By End Use Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Petrochemical
- Oil & Gas
- Metal Manufacturing & Fabrication
- Food & Beverage
- Electronics
- Pharmaceutical & Healthcare
- Chemical
- Others
5. Nitrogen Market Regional And Country Analysis
5.1. Global Nitrogen Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Nitrogen Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- Air Liquide
- Air Products & Chemicals
- Aspen Air Corp.
- CanAir Nitrogen
- Chengdu Taiyu Industrial Gases
- Emirates Industrial Gases Co. LLC
- Gulf Cryo
- Linde Group
- Messer Group
- nexAir
- Praxair Inc.
- Southern Industrial Gas Berhad
- Taiyo Nippon Sanso Corporation
- Universal Industrial Gases
- Yingde Gases Group Company
For more information about this report visit https://www.researchandmarkets.com/r/qbbajq
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.